Saving money

Saving money during the quieter months of 2023

Many businesses will have gone into 2023 with scepticism. Against the backdrop of a cost of living crisis, rising energy bills and more, saving money during the quieter months of the year has never been as important.

 

This doesn’t mean taking any drastic measures, but more considered efforts to focus on the parts of your business which could maybe do with a little less expenditure.

 

Here are some of the best ways to save money during the quieter months of 2023.

 

Claim all of your reliefs and allowances

As we’re nearing the end of the tax year, you should make the most of the remaining tax reliefs available to you.

 

This could mean ensuring you’ve accounted for every allowable business expense you’ve accrued over the last tax year. With careful planning you’ll be able to claim expenses on things like marketing costs, office/business supplies and even some staff costs.

 

For a full list of allowable expenses, visit the Government website.

 

Lower your utility costs

Rising energy costs are becoming an issue for businesses and homes across the country. So, if you’re able to, look at lowering your bills wherever possible.

 

For some companies, this could take the form of allowing your team to work in flexible patterns. Rather than lighting and heating an office five days a week, your team could work from home, mitigating the energy costs you would usually incur.

 

If working from home isn’t an option, you could consider looking into energy-efficient alternatives for your office. Light timers, energy-saving lightbulbs, or even switching from desktop computers to laptops can all help curb those increasing costs.

 

Staffing costs

As mentioned, we have to stress that by cutting costs, we don’t mean terminating several staff members. It’s much easier to lower your employee expenditure in a careful and considerate way.

 

Your work capacity may not be at the same level as the run-up to Christmas or when we started edging closer to the spring and summer months. So this will mean you may be able to rely less on extra staff members.

 

For example, suppose you have several employees who work overtime or part-time. In that case, you can respectfully communicate to them that these extra hours aren’t possible at the moment. Be sure to follow this up by reminding them that these extra working hours will again be available as soon as business starts increasing.

 

Managing your inventory

Your business’s direct spending is a significant part of its cashflow, so if you’re not experiencing a heavy footfall, why not consider taking a careful look at your inventory control system?

 

The best thing you can do is cross-reference your ordering against your sales. Adjust your ordering to reflect any changes in sales trends so you’re not spending money on something which may not be used or sold.

 

What next?

We understand the importance of lowering business costs during the quieter months of the year. That’s why we’re on hand to offer support and advice to our clients.

 

Contact our team to discuss cutting your business costs.

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